The Possibilities For Music In MetaVersus
Music in MetaVersus
MetaVersus is on track to lead the next billion-dollar NFT trend through Music NFTs. IPFI Global recorded that revenues from music increased by a little over 18% in 2021. The record shows that most of these revenues were generated from paid music streaming. Recorded music produced about US$25.9 billion. Data from IPFI Global also revealed “523 million users of paid subscription accounts at the end of 2021”. These records have the capacity to triple when music in MetaVersus is adopted by every music artist, both popular and upcoming.
NFTs present many creative options for content creators and music NFTs are definitely part of the bigger picture of the creative industry. Music NFTs is an NFT niche that will go mainstream when music artists discover the underlying value it brings to the music industry. The vast majority of NFTs on marketplaces are digital arts, game NFTs, fashion NFTs or even fitness NFTs. However, NFTs are a flexible technology that is usable in any industry including the music industry. Most importantly, music NFTs will create new ways for musicians to make money, whilst allowing their fans to enjoy good music and also participate in their journey as musicians.
Benefits of Music NFTS
Why would music artists and fans want NFTs in the first place? Music NFTs could represent full/partial ownership of a song on the blockchain, or represent a share of royalties for some songs. Fans can also own a piece of their favorite song through these NFTs. Some early adopters of music NFTs include Nas with his song “Single RARE”, Snoop Dogg with his album “B.O.D.R”, Kings of Leon launched an NFT version of their song, and 3LAU, a popular DJ who also launched his album as NFT and sold it for $11.7 million. Grimes, Shawn Mendes, and The Weeknd have launched their own versions of music NFTs too. There is an increasing list of music artists diversifying into music NFTs. Popular music artist AKON said he believes NFTs is the future of the music industry.
Music streaming models have been one of the major trends in the music industry for several years in a row. Music artists earn from popular music streaming platforms like Spotify when anyone listens to their song. But these revenues generated from the streaming are very meagre and would take hundreds or thousands of streaming to generate reasonable funds for the artist. The advantage of NFTs for streaming is; that artists get the opportunity to keep everything they earn from fans streaming their songs. MetaVersus will create opportunities where upcoming music artists can generate revenue from fans streaming their music through NFTs.
Multiple income streams
Music artists can make enough money to support themselves whilst they build relationships with their true fans. MetaVersus removes all the third parties that could probably limit the earning potential of these music productions for the artist. The interest of everyone is protected and rights are unhindered. They can also earn from selling NFT merchandise of their music and then fans would be able to show off their favorite music brands on their profiles. The music industry is dominated by middlemen and one of the key advantages of the blockchain is removing the middle-man and creating more peer-to-peer earning opportunities.
Artist and Fans’ appreciation
These NFTs give undervalued and under-appreciated music artists opportunities to keep 100% of every revenue generated. With the rise of Web 3.0, music artists can also have NFT domain names. Fans can gain access to airdrops and community rewards by holding NFTs of their favorite music artist. For instance, owners of Snoop Dogg’s B.O.D.R music album NFT received special airdrops like images, comics, films and exclusive access to concerts. Fans can easily show off their great taste in music by displaying the music NFTs of their favorite musicians. It is very easy to incentivize these NFTs for the fans.
Music in MetaVersus
Music artists from different genres can earn a living from NFTs within MetaVersus. There are diverse ways and opportunities for musicians to earn from their songs and also reach a new audience. Music artists will no longer need millions of fans to start earning, instead, they can release songs with attached NFTs and earn from a target audience. Upcoming artists can make money from their dedicated fans.
The entertainment world has evolved into a world of several rewarding opportunities. And these opportunities can thrive better in a virtual world like MetaVersus, where people can create and launch music events.
MetaVersus will hold temporary and permanent music events/concerts. For the upcoming music artists, music events in MetaVersus will generate gainful exposure from different kinds of audiences who can become sponsors, donors and ultimately loyal fans or subscribers or high-value music NFT purchasers.
Instead of millions of fans, a musician can generate revenue from at least a hundred loyal fans. Anyone with a love for good music can have endless fun in MetaVersus attending different music events and discovering new artists and new songs. The citizens of MetaVersus can maximize these music events to unwind and have fun.
Virtual Music Experiences:
Music experiences in MetaVersus have more advantages than physical music experiences, especially for the musician. For instance, in a physical music experience or concert, the artist can only be in one location at a time. However, hosting virtual music experiences in MetaVersus gives the musician the advantage of reaching fans globally from one spot. The cost of planning music experiences from one state or country to another is completely eliminated. Less cost, more impact and more revenue. Fans from across the globe can converge at the event centre in MetaVersus and participate in the concert. Musicians choose which perks they want to include in the package they offer to their fans including live debuts of their songs, new releases and special launches.
Music in MetaVersus will decentralize the benefits from the music industry and empower the music artists and incentivize the fans. From concerts, to live debuts, to virtual music experiences, MetaVersus will create many fun, thrilling and engaging experiences at different times of the day for everyone. Music artists will experience true digital ownership of music backed by the blockchain. There is no limit to the utility music artists can add to their NFTs. Music labels, musicians and fans should position themselves to maximize the opportunities music in MetaVersus presents.